Tag: taxes

Many tax filers claiming the Child Tax Credit (CTC) this year are surprised to see their refund payment much lower than expected. This is mainly due to the widely claimed tax credit resetting from a pandemic boosted maximum of $3,600 to $2,000 per child in 2022 and 2023. Another reason is that they are not…

It's tax season and social media is abuzz with tax related information. This includes news related to refund payments, which millions of Americans are anxiously waiting to get. Unfortunately this also creates an environment of false information (fake news!), deceitful ideas, and outright scams around refund payments and getting them…

It’s always a good habit to do some tax-loss harvesting (TLH) before year end, especially in years when the stock market is down significantly. This is primarily because you can use investment (capital) losses to offset any capital gains of similar assets; and also use the $3,000 income offset provision…

TurboTax is still the most widely used tax software in the country. For tax year 2025 (filed in 2026), it has made some real changes worth knowing before you pay — or decide to go elsewhere. The product lineup has been simplified, there are new deductions under the One Big…

This page tracks Social Security Cost-of-Living Adjustments year by year -- confirmed figures and the latest forward estimates. The 2026 COLA is confirmed at 2.5%, effective January 2026. The 2027 COLA is now estimated at 4.7% by independent analyst Mary Johnson, which would be the fourth-largest adjustment since 1992. 2027…

With millions of Americans tax filers anxiously waiting for their refund, which can be the largest single payment of the year for many, it is not uncommon to hear frustration with the various IRS systems designed to provide the latest updates on tax processing and refund payments. The official Where…

Estimated taxes normally have to paid if you do not withhold taxes via your employer or if the amount of income tax being withheld from your salary, pension, vendor payments or other income is insufficient. Estimated taxes are generally paid by small business', self-employed or gig workers with variable sources…

There has been a lot of debate over the last few months on if another stimulus check payment will be made in 2022 or even in 2023 as the economy worsens and inflation takes a heavy toll on household budgets. You can see this article for a more detailed discussion, funding for…

House and Senate Republican (GOP) lawmakers have passed a reconciled/final bill for President Trumps Tax Reform measures under the Tax Cuts and Jobs Act. These proposals are aimed at building on Trump’s promises to streamline the US personal and corporate tax code. The plans promise tax savings of nearly $1,500…

The Roth IRA contribution limit for 2026 is $7,500 — up from $7,000 in 2025. If you're 50 or older, you can add a $1,100 catch-up contribution (now indexed for inflation under SECURE 2.0), bringing your total to $8,600. The income phase-out ranges have also shifted up slightly for 2026.…

Thanks to the accounting folks at BConnect Inc, here is a straight forward tax preparation checklist that will save you time when you file with your accountant or before you start using tax software for self-filing. Tax preparation is faster, easier and more stress-free if you take a little time…

With Donald J. Trump now America's 45th president many are now asking if he can bring around the economic change promised while on the campaign trail. A lot of people voted for him as a change agent and from an economic point of view at least are hoping he can…

It's not breaking news that you should be saving for retirement. Most employed people understand this fact, so hopefully, you are setting some cash aside for your golden years despite your day to day living expenses. The tricky part of retirement financial planning is figuring out how much you should…